J.P. Morgan Initiates Coverage On CRM

J.P. Morgan is initiating coverage on salesforce.com CRM with a Neutral rating and a $140 price target, based upon valuation. Says J.P. Morgan, in its report, “We are initiating coverage of salesforce.com with a Neutral rating and $140 YE'11 price target, as we believe the shares are fairly valued, especially given recent operating spend. While there could be material upside from here if the company is able to penetrate new markets, we believe the upside is offset by a similar level of risk.” CRM closed yesterday at $139.45.